Standard&Poor's Ratings Services affirmed its 'AA+' rating on the Washington State Housing Finance Commission's multifamily housing revenue bonds, series 2000A and 2004, issued on behalf of the Burke-Gilman Place Apartments Project. The bonds are secured by Ginnie Mae mortgage-backed securities (MBS). The outlook is negative. The rating continues to reflect our view of: The very strong asset quality securing the bonds, consisting of Ginnie Mae guaranteed MBS, which are 'AA+' eligible under Standard&Poor's rating criteria; The sufficiency of revenues from mortgage debt service payments and investment earnings to pay full and timely debt service on the bonds until maturity; The ability to cover reinvestment risk based on the 15-day minimum notice period required for special redemptions,
